BBVA's Failed Bid Reveals Gaps in Spain's Takeover Regulations

BBVAs failed tender offer for Banco Sabadell, garnering only 25% approval, exposes significant gaps in Spains takeover regulations, raising concerns for shareholders and future acquisitions.

• Banco Bilbao Vizcaya Argentarias failed tender offer for Banco Sabadell highlights persistent deficiencies in Spains regulatory framework for public takeover bids.
• Despite a year and a half of negotiations, BBVA only secured 25% acceptance from shareholders of Banco Sabadell, indicating widespread resistance.
• The failed acquisition attempt has drawn attention to the regulatory environment in Spain, especially concerning mergers and acquisitions in Catalonia and beyond.